Jan 03, 2000
Zargalli 2000 Design
Contest Another Great Success
The World Gold Council (WGC) in Pakistan recently launched the second
Zargalli gold jewellery design contest throughout Pakistan. This jewellery contest is
aimed at attracting both professional and amateur designers from across the country, to
exhibit their creative skills in gold jewellery.
The Zargalli design contest covers designs of rings, earrings, pendants
and bracelets. It began in December 1999 and the last date for submission of designs is
February 15, 2000.
This contest has met with very favourable response from different art
schools, and the National College of Arts, Hunarkada and the Pakistan School of Fashion
Design in Lahore have all shown their interest in making this contest another great
Mr. Yousuf Akhtar Hussain, Manager WGC Egypt and Pakistan, while
talking to students and designers, added, "This contest is a fabulous opportunity for
Pakistani designers to display their talent and express the values and culture of Pakistan
by coming up with innovative gold jewellery designs."
Korean Ambassador Visits New Automobile Plant
Mr. Yoon Jee joon, Ambassador of the Republic of Korea recently visited
the newly built Dewan Farooque Motors automobile plant in Sujawal. Mr. Yoon Jee joon flew
in for the occasion on a special Dewan Group helicopter along with Mr. See Young Lee,
Consul General, Republic of Korea, and Mr. Ye Young Lee, Director & General Manager of
Hyundai Corporation Co., Pakistan Liaison office. They were accompanied by Mr. Dewan M.
Yousuf Farooqui, Managing Director, DFML, and Mr. Dewan Abdullah Ahmed, Deputy Managing
Director of the company.
The plant will produce vehicles under license from Hyundai Motor
Company and Kia Motors Corporation of Korea, bringing the latest automotive technology to
Pakistan's automobile industry. Mr. Yoon Jee joon appreciated the fact that the newly
built plant has a capacity of assembling 10,000 units on single shift basis and 20,000 on
double shift basis. The plant will have a state-of-the-art CED paint shop from
The plant will shortly start producing l000cc, 1300cc and 1500cc passenger cars and a 4x4
sports utility vehicle made from the latest technology of R&D of Korea; like the
recently launched one-ton pick-up, Shehzore.
The Korean ambassador then celebrated the event by planting a young
tree at the site. He was also taken to the Dewan Sugar Mills, which is situated nearby,
and then shown the school and zoo set up by the Dewan Group for the people of the area.
Intel Named Number-One on the Internet 500
Intel Corp. (Nasdaq: INTC), with online revenue of $10.5 billion, took
the number-one position on The Internet 500 the first-ever ranking of the top
businesses by the revenue they generate from their online operations introduced by
Inter@ctive Week. In addition to the definitive list, a comprehensive package in the
newspaper's special Nov. 15 Comdex/Fall '99 issue features profiles of the top e-commerce
companies and executives, breakdowns by key market segments and in-depth analyses.
"While much is made of e-commerce growth and dot-com initial
public offerings, The Internet 500 finds that established companies dominate the upper
e-echelon," notes Inter@ctive Week Editor John McCormick, who spearheaded the effort.
"Only one of the top 15 companies on the list Amazon.com -is a pure Internet
The Internet 500 was researched in conjunction with the Center for
e-Business at Massachusetts Institute of Technology and Ernst & Young, the public
"This is the first definitive guide to the scope of the Internet
economy,"said Inter@ctive Week Editor-in-Chief Tom
while the Internet 500 shows a vibrant economy, full of innovative ideas and companies,
the number of companies still trying to grab a foothold and create sustainable long-term
profitable businesses far outweighs those that are clearly going to be lasting,
substantial brands and market leaders. It's still an economy of the future, not
The top 10 companies on Interactive Week's The Internet 500
Company Online Revenue
Intel Corp. $10.5 billion
Cisco Systems Inc. $9.5 billion
IBM Corp. $8.8 billion
Dell Computer Corp. $6.1 billion
Federal Express Corp. $5.6 billion
United Parcel Service of America $5.4 billion
America Online Inc. $4.4 billion
Ingram Micro Inc. $3.0 billion
Nortel Networks Corp. $2.4 billion
Tech Data Corp. $1.7 billion
Top-ranked Intel generated an estimated $10.5 billion of its $27
billion overall revenue through its online operations, according to the research conducted
by Inter@ctive Week in conjunction with MIT and Ernst & Young.
Sui Southern Gas Company Limited
The annual Audited Accounts of Sui Southern Gas Company Limited
for the financial year ending 30th June, 1999 were approved by the share holders at the
45th Annual General Meeting held here in Karachi under the Chairmanship of Mr. Aitzaz
Shahbaz, Chairman SSGC. The shareholders also approved a resolution moved in the meeting
aimed at the privatisation of LPG and Meter Manufacturing Divisions. A bonus issue of 15%
recommended by the directors was also approved at the Annual General Meeting.
Mr. Aitzaz Shahbaz, while presenting the Annual Report for the
financial year 1998-99 disclosed that the Company witnessed a happy growth in sales of 5
percent and net profit after tax increased by 46% to Rs. 952.747 million in 1998-99 as
compared with Rs. 651.672 million of 1997-98. He termed the improvement in gas sales,
profit and balance sheet ratios commendable. he pointed out that the Company achieved a
remarkable economy in operating expenditure holding to the level of the year 1997-98
despite 10% increase in staff costs. The chairman added that this was supplemented by
savings in financial changes payable to banks.
Mr. Aitzaz Shahbaz said that a major accomplishment of the year was the
resolution of Inter - Corporate debt problem which has now been substantially reduced.
The Chairman disclosed that the prospects of new and increased gas
supply sources are getting better. The Company has already signed two gas sales and
purchase contracts. One with OMV (Pakistan) and joint Venture Partners for purchase of 87
MMCFD gas from Miano Gas Field. The gas will be available at Kadanwari Gas Field take off
point in 21 months from the effective date of agreement. Another agreement signed with the
operators of Zamzama Gas Field M/s BHP Petroleum Australia will increase the availability
of gas at Karachi Load Centre by 60-70/MMCFD gas from the newly discovered fields of
Bhit, Savan, Hassan and Zargoon.
Netsol, first Pakistani IT company goes NASDAQ
NetSol International Inc. (NASDAQ:NTWK), announced that it has received
approval for its common stock to commence trading on the National Association of
Securities Dealers SmallCap(R) Market System (NASDAQ).
Netsol becomes the first Pakistani IT company and third in the
sub-continent to be listed on USA based NASDAQ Stock Exchange. Besides
Netsol, there are
only two large Indian software houses listed on NASDAQ, i.e., Satyam, and
"It is a historic event not only for Netsol but the entire IT
industry of Pakistan", commented Salim Gharui, CEO of Netsol International.
"Netsol's listing on NASDAQ will provide a much needed boost to the fledgling but
promising IT industry of Pakistan".
The approval is conditioned upon the company's continued compliance
with all NASDAQ criteria for initial listing at the time of listing on the NASDAQ Small
Cap(R) Market. The company's common stock, which had been trading on OTC Bulletin Board,
will begin trading on NASDAQ under the same ticker symbol as before
"We are all very happy about receiving this conditional
approval", commented Najeeb Ghauri, President of Netsol International Inc. "This
is an exciting time for our company and our shareholders, and we believe this added
visibility to NASDAQ's broad-based investment community will create tremendous growth
opportunities going forward".
Recently, Netsol's stock price jumped from $9 two weeks ago to $18 with
a market capitalization of 150 million US $.
NetSol International, an Information Technology company, is the parent
company of Network Solutions (Pvt.) Ltd. Pakistan. NetSol became the first software
developer in Pakistan to qualify for ISO 9001 certification. Besides Network Solutions
Pakistan, Netsol International is also the parent company of Network Solutions Group Ltd.
UK, NetSol U.K. Ltd. and NetSol USA Inc.
The company has developed its own software systems targeted at the
lease and finance industry. NetSol has developed an offshore business model, which offers
cost efficiencies, core operating competencies and storing business relationships with
blue chip customers worldwide. NetSol has a full-fledged research and development facility
in Lahore, Pakistan, which employs over 100 software engineers, developers and project
If you would like more information, please contact Mr. Saeed Ghauri at
the following numbers. Phone#111 44 88 00 & 572 6739
UBL ZarAmaad Final Draw Held in Karachi
The final draw of Pakistan's biggest prize scheme UBl,'s 'ZarAmand
Inami Cheque ' was held in Karachi today. Media representatives, UBL customers and the
bank management attended the draw. The vice chancellor of Karachi University Prof. Dr.
Zafar H. Zaidi was the Chief Guest who pressed the customary computer key to start the
draw process. The popular compere Quresh Pour hosted the draw ceremony.
The 'ZarAmaad Inami Cheque' scheme commenced on May 10, 1999 and upon
the directive of State Bank of Pakistan, United Bank Limited concluded it on December
30,1999. The scheme offered a grand prize of Rs. 50 lacs every week. In addition, two
prizes of Rs. S lacs each, ten prizes of Rs. S0,000 each and twenty five prizes of Rs. l
O,000 each were given out every week for 33 consecutive weeks. During the tenure of this
scheme, total prizes amounting to Rs. 287.75 million have been declared through a
transparent balloting process. For the last draw, the scheme offered a super prize of Rs.
In the 33rd (final) Draw, Super prize of Rs.l crore was won by cheque
number 1047835 whereas 2 prizes worth Rs. 5 lakhs each were won by cheque numbers 1481032
List of 238 lucky cheque numbers of the final draw winners is attached.